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Management accounting - Essay Example

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Balance Score Card (BSC) is a performance measurement tool that enables the stakeholders to understand the growth and progress of an organization towards the strategic goals. It is developed by David Norton and Robert Kaplan. Balance Score Card mainly focuses on balancing the…
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Management accounting
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Management accounting

Download file to see previous pages... Those are financial perspective, customer perspective, internal perspective and learning and growth perspective. Financial perspective focuses on long term shareholder value. It is driven by cost efficiency and revenue growth. Performance of an organization towards the customer can be assessed on the price, service, brand, availability and quality. Regarding the internal perspective, it is based on the customer management process, operations management process, innovation process and regulatory and social process. For learning and growth, an organization should take care of human and organizational capital along with informational capital. Balance Score Card measure can be of four types. The lead indicator is an early warning measure, mainly used in learning and growth perspective. Lagging measure provides past data e.g. the data of previous year or previous quarter. It may not be reliable for future performance. The third measure is that of efficiency measure. It provides a clear view about the functioning of a process. An example of this is the productivity measure. Last one is that of effective measure. It identifies the lack on the production and subsequently provides instruction on the quality.
Management accounting is the process of preparing accounts and present all statistical and financial information required by the managers to take any short term decision. In case of management accounting, the targeted audience is the internal management unlike financial accounting that mainly serves for the external audience such as shareholders, creditors etc. It is also known as managerial accounting (Business Dictionary, n.d.).
The management accountants are mainly involved in designing the business process, forecasting and budgeting and monitoring internal control. They even synthesize all the information to derive the economic value (IMA, 2008).
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Management accounting
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